Skip to main content

Sign up for our newsletter.

Quality journalism. Progressive values. Direct to your inbox.

For Immediate Release


Press Release

Patriotic Millionaires Celebrate Democratic Plan to Raise Taxes on Pass-Through Income

"Pass-throughs have been abused by wealthy Americans for years to reclassify their income and avoid paying the taxes they rightfully owe."

Today, it was reported that Democrats plan to expand a 3.8% surcharge on investment income to owners of pass-through businesses, in the process raising over $200 billion dollars to expand Medicare access.

In response, Morris Pearl, the Chair of the Patriotic Millionaires and a former managing director at BlackRock, Inc., released the following statement:

"Pass-throughs have been abused by wealthy Americans for years to reclassify their income and avoid paying the taxes they rightfully owe. The Democratic plan to apply the investment income surtax to wealthy pass-through business owners is an important step in the right direction toward fixing this problem and making rich people like me pay our fair share."

"Voters are sick and tired of the rich and powerful playing by a different set of rules. This change would close a ridiculous giveaway to only the richest Americans, and reinvest the windfall back into the American public. This moves us closer to fixing the out-of-control wealth inequality that plagues our nation, but there's still a lot of work to be done. Democrats should follow this change with more aggressive changes to make our tax code work for all Americans, not just the rich."


The Patriotic Millionaires is a group of high-net worth Americans who share a profound concern about the destabilizing level of inequality in America. Our work centers on the two things that matter most in a capitalist democracy: power and money. Our goal is to ensure that the country’s political economy is structured to meet the needs of regular Americans, rather than just millionaires. We focus on three “first” principles: a highly progressive tax system, a livable minimum wage, and equal political representation for all citizens.

Historic Tropical Storm Fiona Sweeps Homes Into Ocean in Eastern Canada

"Climate change leads to warmer ocean water at higher latitudes," said one Canadian civil engineering professor. "A warmer future increases the probability that more intense storms will reach Canadian coasts."

Julia Conley ·

Federal Judge Allows 'Untenable' Plan to Send Juvenile Inmates to Angola Prison

"The move defies all common sense and best practices, and it will cause irrevocable damage to our youth and families," said one children's advocate.

Julia Conley ·

'Catastrophic': Arizona Judge Allows 1864 Abortion Ban to Go Into Effect

"No archaic law should dictate our reproductive freedom," said one rights advocate.

Julia Conley ·

US Progressives Express Solidarity With Iranian Protesters After Death of Mahsa Amini

"The right to choose belongs to us all, from hijabs to reproductive care," said Rep. Alexandria Ocasio-Cortez.

Julia Conley ·

Critics of Louisiana LNG Project 'Hopeful' as Huge Sales Contracts Canceled

"The fight is not over," says one activist, but "from tax breaks to pollution and now to these recent financial downswings, we have all the evidence we need to understand that Driftwood will be a parasite."

Jessica Corbett ·

Common Dreams Logo